Alchemia names new CEO, narrows 1H14 loss

Alchemia (ASX:ACL) has promoted new COO Thomas Liquard to the post of CEO and revealed it narrowed its losses for the first half of the financial year.

Liquard joined Alchemia as COO in December. Prior to the move, he was a senior director at Pfizer, where he oversaw the development of the company’s established product portfolio in emerging markets.

He replaces Charles Walker, who took on the role of CEO in February last year.

“I am excited to be appointed CEO at this pivotal moment in the company’s drug development and commercialisation efforts,” Liquard said. “Alchemia’s HyACT oncology platform holds great promise in addressing important areas of unmet medical need in patients with cancer.”

Alchemia last week announced its financial results for 1H14, including a net loss of $5.5 million, down from $5.9 million a year earlier.

But total income nearly halved to $5 million, because the 1H13 result included $4.5 million in rebates from the government’s R&D tax incentive program.

Alchemia’s share of profit from the sale of generic fondaparinux, the anticoagulant it produces for marketing partner Dr Reddy’s Laboratories, came to $4.7 million. By the end of the year, Dr Reddy’s total fondaparinux market in the US had improved to 33% from 30% a year earlier.

Alchemia’s cash balance improved from $6.1 million in the last six months of 2012 to $16.4 million as of end-2013. Operating expenses fell sharply to $10.7 million from $15.7 million.

Alchemia (ASX:ACL) shares were trading 0.83% lower at $0.60 as of around 2.30 pm on Monday.